CareTrust REIT Acquires Two Illinois Memory Care Facilities with New Operator Relationship
May 01 2023 - 7:32PM
Business Wire
CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has
acquired a 136-unit, two-facility memory care portfolio located in
the greater Chicago metropolitan area.
The facilities will be operated by affiliates of Chapters
Living, LLC, a new operator relationship for CareTrust. Chapters
Living is a seniors housing and memory care operator based in the
Midwest led by industry veteran Danny Stricker. Chapters took over
operations at the facilities from the outgoing operator on May 1,
2023 pursuant to a 15-year NNN master lease agreement. The
agreement includes two, 5-year extension options as well as annual
CPI-based rent escalators. “Chapters Living’s commitment to
improving the lives of seniors and delivering customized care make
them a great fit for these facilities,” remarked James Callister,
CareTrust’s Chief Investment Officer. “Danny and his team have a
tremendous amount of operating experience and we are excited to
continue to find opportunities to continue to work together in the
future,” added Mr. Callister.
Commenting on Chapter Living’s positive experience with
CareTrust, Chapter Living’s Co-Founder and President Danny Stricker
stated, “CareTrust’s transaction and operations experience and
reputation have been highly beneficial in facilitating our early
growth efforts and are an ideal relationship for us in making the
Chapters Living story a success.” Eric Gillis, CareTrust’s SVP
Investments also stated that, “We are excited to kick off our
relationship with such a high-quality operator and we hope to
continue to grow with Chapters Living.”
CareTrust’s initial investment in the facilities, inclusive of
transaction costs, was approximately $18.2 million. The acquisition
was funded using proceeds from the Company’s $600 million unsecured
revolving credit facility and provides for initial annual base rent
of $1.71 million with rent being abated for the first three
months.
About CareTrustTM
CareTrust REIT, Inc. is a self-administered, publicly-traded
real estate investment trust engaged in the ownership, acquisition,
development and leasing of skilled nursing, seniors housing and
other healthcare-related properties. With a nationwide portfolio of
long-term net-leased properties, and a growing portfolio of quality
operators leasing them, CareTrust REIT is pursuing both external
and organic growth opportunities across the United States. More
information about CareTrust REIT is available at
www.caretrustreit.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230501005767/en/
CareTrust REIT, Inc., (949) 542-3130, ir@caretrustreit.com
CareTrust REIT (NYSE:CTRE)
Historical Stock Chart
From Apr 2024 to May 2024
CareTrust REIT (NYSE:CTRE)
Historical Stock Chart
From May 2023 to May 2024